Amortization and depletion entries

Data related to the acquisition of timber rights and intangible assets during the current year ended December $31$ are as follows:

On December $31,$ the company determined that $$860,000$ of goodwill was impaired.

Governmental and legal costs of $$9,600,000$ were incurred on September $30$ in obtaining a patent with an estimated economic life of $15$ years. Amortization is to be for one$-$fourth of a year.

Timber rights on a tract of land were purchased for $$1,200,000$ on February $4.$ The stand of timber is estimated at $6,000,000$ board feet. During the current year, $1,600,000$ board feet of timber were cut and sold.

Required:

Question Content Area

$1.$ Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. Do not round your intermediate calculation.

Item Impairment, Amortization or Depletion Expense

a$.$ fill in the blank $1$ of $3$$

b$.$ fill in the blank $2$ of $3$$

c$.$ fill in the blank $3$ of $3$$

Question Content Area

$2.$ Journalize the adjusting entries to record the amortization, depletion, or impairment for each item. If an amount box does not require an entry, leave it blank.

TransactionAccountDebitCredit

a$.$

b$.$

c$.$